5 Trends That Will Shape Workplaces in 2023
Throughout this article, we will be looking at five trends that will shape the workplace in 2023. These trends include: The four-day work week, Career mobility and upskilling, Work from home options, Inflation and an impending recession, and family-friendly work environments.
1. The four-day work week
During the past year, four-day work weeks have become increasingly popular. As the economy struggles to improve, some companies are taking advantage of the opportunity to implement a new work schedule.
Although the four-day work week concept is relatively new, it has been proven to be effective in reducing burnout and increasing productivity. In fact, more than 80 percent of employees surveyed by Qualtrics reported a positive response to the change.
While four-day workweeks have been tested in a few European countries, such as Iceland, they haven’t yet been fully implemented. However, trials are ongoing in other countries including Australia. In Scotland, for instance, government officials have been talking about implementing a four-day work week.
Besides improving productivity and employee retention, the four-day workweek has also shown to be beneficial to the environment. According to research, the four-day workweek reduces the amount of CO2 emissions emitted during the week. The four-day workweek also reduces the amount of time commuters spend on the roads.
2. Employers are adopting a family friendly culture
Almost three-quarters of employers offer some sort of family-friendly benefits, and almost one-third of those offer more than a few. Some of the more common offerings include family-friendly work schedules, flexible child care, paid parental leave, and employee-run child care programs. Other family-friendly offerings include flexible work locations and job sharing schemes. Despite the fact that these programs are not as ubiquitous as they once were, they remain popular with employees of all ages. The most important takeaway is that a family-friendly workplace is an essential component of a healthy, productive workforce. It is also an important part of a sustainable human capital strategy.
It is not surprising that employees are looking for more than just a dependable paycheck. The trick is to find out what they need to make their lives better.
3. Work from home options continue to dominate job searches
During the recent coronavirus outbreak, more and more employees started working from home. This has allowed many workers to adjust to their new lifestyle outside the office, but it has also highlighted some health and productivity concerns.
One of the most obvious advantages of telecommuting is that workers can save money and time by not commuting. This time can be used for meal preparation, shopping and exercise. Another benefit is that workers can spend more time with family and pets.
Companies with work from home opportunities hire people of all ages, races and ethnicities. Some even offer financial incentives and personal benefits.
A recent study by the Glassdoor found that companies with flexible work arrangements are hiring employees at a higher rate than traditional companies. This has been driven by an increasing need for diversity.
4. Inflation and an impending recession
Several indicators suggest we are on the cusp of a global recession. These include the Fed’s monetary tightening, the low unemployment rate and high inflation. These factors are expected to combine in 2023 to form the perfect storm that will lead to a recession.
The Federal Reserve has made low inflation a top priority. They have committed to aggressive interest rate hikes in order to tame inflation. In the short term, this will hurt consumers and businesses abroad. It is likely that we will see inflation fall by the middle of next year.
The recession is expected to begin in the second quarter of 2023. Economists around the country have acknowledged that they have little knowledge about the direction of the economy. Despite this, many market watchers have predicted a recession.
5. Career mobility and upskilling will be top priority
Skills will remain a hot topic in the workplace in 2023. Investing in internal mobility is a smart way to ensure employees are challenged, and employers can find the talent they need. This will allow employees to develop new skills and progress toward their career goals. It also reduces hiring costs.
A recent study by Deloitte found that “people quit jobs because they cannot learn new skills.” Investing in internal mobility is a way to fill skills gaps, minimize hiring costs, and create growth opportunities for employees. The results of the study are consistent with other research, which supports the idea that upskilling is a critical part of workplace success.
Despite the challenges, most organisations plan to address the skills gap with a mix of strategies. This includes investing in reskilling and mentoring programs, redefining roles, and implementing new learning methods.